Ethereum has remained stable since the last bearish impulse on February 26. Ethereum has been consolidating over the current support at $220. There were doubts about whether the current support will hold or not. Ether has fallen into the oversold region. This means that selling has been overdone. This will also suggest that buyers will be on hand to push Ether upward.
Nonetheless, under this current development, ETH will rise to break the resistance at $238. The bulls will push the price into the previous range of $238 and $386. As soon as the price falls into the previous range, there is the possibility of the bulls retesting the $286 resistance level. Eventually, if buyers are triumphant over the overhead resistance, ETH will rise above $325. Nevertheless, Bitcoin is consolidating above $220.
At the moment, ETH has dropped beneath the 20% range of the daily stochastic. The indicator has been on a downward move since the market was earlier in an overbought region. Now the market has reached the oversold region of the market. The bottom line is that buyers are expected to take control of the price.
Key Resistance Zones: $220, $240, $260
Key Support Zones: $160, $140, $120
Undeniably, the upward movement of Ethereum is assured as the market reaches the oversold region. The selling pressure is presumed exhausted as prices are expected to rise. Traders can take advantage to look out for buy set up so as to initiate long orders.
Disclaimer. This analysis and forecast are the personal opinions of the author are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.